This is a statement a borrower will receive from their lender at least three days before closing on a home. VYL Vinyl Be sure to read the fine print carefully. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. The word listing is also used to refer to the for-sale home itself. Fpgas Gas Fireplace Here are a few examples of BB in action: Do you want to learn more internet slang terms? Lo dues:Low homeowners association dues. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. TRC Trash Compactor If you wish to report an issue or seek an accommodation, please let us know. IGSP In-Ground Sprinkler D/D Dishwasher and a garbage disposal WHF Whole House Fan Read, A ratio that compares a home buyers expenses to gross income. Clap Clapboard Siding G/A Garage, Attached Active This means that a property is currently on the market and available for sale. OVER Oversized Garage Read our stress-free guide to getting a mortgage. WDSTV Wood Burn Stove BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Read more about back-end ratio here. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . Bb. BBbb. After the set time period your interest rate will change and so will your monthly payment. END End Unit DCR, DSCR, DSR Debt Service Coverage Ratio This happens when the catcher manages to catch four pitches that classify as a ball, and the batter gets to move to first base without the danger of going out. You might also see the acronym BB%, which stands for base on balls rate its the statistical frequency that a pitcher will allow a batter to walk. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. JV Joint Venture UPF, UPR Upper floor FDR Formal dining room We select and review products independently. PRO Internet Professional 1. You can email the site owner to let them know you were blocked. 1. HI CEIL(S) High ceilings Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. GRMET KIT, GRMT KIT Gourmet kitchen CP Carport Real estate terms to know when you've started house hunting. What sounds impressive on paper may look less appealing in person. Tiny houses are a trend, for sure. 4/3 4 bedrooms / 3 bathrooms AMO Accredited Management Organization TRAN Transitional SEC Security System Brk Brick PERM Perm Attic Stairs Typically, most consumers mortgage interest rate is going to be higher than the prime rate. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Cap rates can provide valuable insight into a property. R/OPT Rent w/Opt-Buy ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. But the cap rate is not the only metric used to evaluate a real estate investment. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. This claim belongs to a third party, who can either be an organization or an individual. If not, it could end up back on the market, so go ahead and inquire if youre interested. FDIC Federal Deposit Insurance Corporation HDW, HWF, hdwd - This means there is hardwood flooring in the home. Bulk Bulkhead Read more about mortgage insurance. VWS, VW, VU View or views CBR Certified Buyer Representative How have you been?. Deco Decorative Fence A loan estimate can help borrowers shop and compare costs of loans with lenders. MCOA Min $ on Assumption GRES Graduate Real Estate Society INLW In-Law Suite Prospective purchasers of an inn need to know exactly what they mean. Get the top BB abbreviation related to Real Estate. This website is using a security service to protect itself from online attacks. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. ELV Elevator If you have the money to hire a handyman for every household woe, go ahead. Translation: This home is small. CAP Capitalization REI Real Estate Investing MBA Master Bedroom w/Bath GLFP Gas log fire place If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. FSBO For Sale by Owner Suggest. HVAC heating, ventilation and air conditioning It may also give the breakdown of the number of floors, size of the rooms and their location within the home. HRS Horses Allowed A property was withdrawn from the realty market. Home affordability takes into account your income, down payment, and monthly debts. ASM Assumptions Cldsc Cul-de-sac But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. The owners bank must approve a lower listing price before the home can be sold. Refinancing is generally done to secure better loan terms, such as a lower interest rate. GNMA Ginnie Mae or Government National Mortgage Association POF Proof of Funds Individuals could include neighbors or other people who have a right of way. LOI Letter of Intent If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. MBRFP Master Bedroom w/FP Cen Central Air By submitting your email, you agree to the Terms of Use and Privacy Policy. The. Usually . After all, you wouldn't want to get stuck with a money pit. Try our debt-to-income calculator to learn more. What is BB meaning in Real Estate Advertising? PRV, PVCY FENCE Privacy Fence REALTOR Member of the National Association of Realtors You may want the retreat, but ask yourself if you're truly ready for all it entails. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative CAC Central air conditioning MYOB Mind Your Own Business You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. Copyright 2022 Ann Arbor Area Board of REALTORS. Real property is immovable property - its land and anything attached to the land. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. WBFP Wood Burning Fireplace FR Family room DEDRS Deed Restrictions Crwl Crawl Space There are five main categories of real estate. OFC Office MAR Marble LFT Loft Read more about, escalation clauses and making an offer on a home, An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. RELATED: How to Stream U.S. Sports for Free Online. CLHMS Certified Luxury Home Marketing Specialist A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Try our affordability calculator to see how much house you might be able to afford. To meet client needs, to empower teammates, and to lift up communities. APPLS Appliances There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. An encumbrance is a limit on how an owner can use real estate. If you see a bathroom or kitchen described as vintage, that means theyre old. This website is using a security service to protect itself from online attacks. PULL Pull-Down Attic Stair WBS Wood-Burning Stove NOI Net Operating Income ERS exclusive right to sell This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. CRE Creative Real Estate The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. APT Apartment to cover taxes and insurance. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. GRI Graduate REALTOR Institute When used in a real estate listing, the words cozy or charming aren't describing the ambiance of the space so much as the size. SHNG Shingle The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Cdrcl Cedar Closet 2. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Lenders reward lower LTV ratios. PILE Pilings Try. Market conditions that exist when homes for sale outnumber buyers. BA Bath Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. Related:7 Features That Define the New American Home. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. Updated from an earlier version on realtor.com. LTV loan to value Often, the listing will indicate which rooms have hardwood flooring. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Look for this accreditation or something similar when shopping for a home inspector. Care starts with culture. Cvga Converted Garage GARB Garbage DWF, DWAC Deep Water/Access Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. CRE Commercial Real Estate Cent h/a Central Heat&Air TIL Truth In Lending, A/G PL Above-ground Pool FNCD YD Fenced Yard 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Fees imposed by the state, county or municipality on transfer of title. Organizations can include local governments, utility companies, and homeowners associations. Fixture:Anything of value that is permanently attached to or a part of real property. CH Central heat BKYD Backyard A certain portion of the homes purchase price that a buyer must pay. SFR Single Family Residence When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. 2023 LoveToKnow Media. 147.189.141.138 And the real estate business is no different. Learn more about foreclosure here. RELATED: What Does "TMI" Mean, and How Do You Use It? Back Bay + 1 1. Example: P30 (3% offered) You can email the site owner to let them know you were blocked. So if you adore what you see in thelisting, it certainly canthurt to inquire. Before you start calling someone BB, you might need to establish ground rules. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. LR Living Room F/A Ht, FAH Forced Air Heat A concrete point at which buying a home makes more financial sense than renting one. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. SMART Typically computer-controlled heating and cooling, alarms, lights etc. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. NBHD Neighborhood A concrete point at which buying a home makes more financial sense than renting one. WINDT Window Treatment Even though a sale is highly likely, some pending properties may still accept backups. Each lending institution sets its own prime rate. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. Sort. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. SN Senior All of these abbreviations are commonly used to describe the features of a house or commercial property. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Buying a Flipped House: Is It Right for You? How to use real estate in a sentence. FXR Fixer Upper A security deposit made by the buyer to assure the seller of his or her intent to purchase. UTCL Utility Closet The four items include, repairs, vacancy loss, property management, and miscellaneous. Fha Forced Hot Air REIA Real Estate Investors Association

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